NCB Capital Announces the Occurrence of Specific Event to AlAhli REIT Fund 1
Reference to the company’s announcement published on 24 Rabi` Al-Awwal 1441 AH corresponding to 21 November 2019 related to the approval of the Fund Board of Directors to commence a study to see the feasibility of expanding Al-Andalus Mall, one of the Fund’s properties. The fund manager announces the completion of the study and the approval of Fund Board of Directors to start the project of developing and expanding Al-Andalus Mall by adding an external space for food and beverage in addition to a parking building to further enhance the services offered by the mall. The Fund signed the purchase agreement to acquire the land adjacent to the mall with an area of 9,669 square meters at a price of SAR 43,510,500 in order to construct a new parking building on it. The land is owned by the Al-Andalus Property Company, which is a related party to the Fund. The fund will announce any developments in this regard in due course. The project is expected to have a positive impact on Al-Andalus Mall and the Fund.